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IOTA FINANCIAL SERVICES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1968/012195/06)
("IOTA" or "the company")
JSE code: IOT ISIN code: ZAE 4014759
REPURCHASE OF ORDINARY SHARES IN IOTA
1. INTRODUCTION
Further to the announcement dated 18 January 2002, IOTA has continued its
share repurchase programme in accordance with the rules of the JSE
Securities Exchange South Africa ("JSE") and the general authority granted
by its shareholders.
2. IMPLEMENTATION
Since the announcement dated 18 January 2002, IOTA has repurchased a total
of 2 041 000 ordinary shares on the JSE, representing 3.4% of the issued
share capital of IOTA. The 2 041 000 ordinary shares were purchased for a
total consideration of R 1 528 663, at an average price of 74 cents per
ordinary share. The highest price paid was 75 cents per ordinary share and
the lowest price paid was 70 cents per ordinary share. All the repurchases
were made through IOTA Investment Services (Proprietary) Limited ("IOTA
Investment Services"), a wholly owned subsidiary of IOTA. The total number
of shares repurchased since 31 October 2001 amounts to 3 982 072 ordinary
shares, which represents 6,7% of the company ` s issued share capital.
3. EXTENT OF GENERAL AUTHORITY OUTSTANDING
The extent of the general authority outstanding for the current financial
year is approximately 7.8 million ordinary shares, representing
approximately 13.3% of the total issued ordinary share capital of IOTA.
4. SOURCE OF FUNDS
The repurchase of shares has been funded from available cash resources.
5. OPINION OF DIRECTORS
The directors having considered the effect of such repurchase of shares by
the company are of the opinion as at 31 January 2001 that there are
reasonable grounds for believing that:
- 61623; the company and the group will be able in the ordinary course of
business to pay its debts for a period of 12 months after the date of this
announcement;
- 61623; the assets of the company and the group will be in excess of the
liabilities of the company and the group for a period of 12 months after the
date of this announcement. For this purpose, the assets and liabilities
should be recognised and measured in accordance with the accounting policies
used in the latest audited annual group financial statements;
- 61623; the ordinary capital and reserves of the company and the group for
a period of 12 months after the date of this announcement shall be adequate;
and
- 61623; the working capital of the company and the group for a period of 12
months after the date of this announcement shall be adequate.
6. THE FINANCIAL EFFECTS OF THE REPURCHASE OF SHARES
The table below sets out the financial effects of the repurchase of shares,
based on the published unaudited interim results of IOTA for the six months
ended 31 October 2001:
Before the After the After the
repurchase initial current % Change
(cents) repurchase repurchase%
(cents) change
Loss per share (51.5) (53.5) (55.7) 4.0
Headline loss
per share (23.6) (24.5) (25.6) 4.0
Net asset value
per share 219.7 224.8 230.7 2.5
Net tangible asset
value per share 193.3 197.5 202.3 2.5
Weighted average
number of shares 56,041 54,100 52,059
Number of shares
in issue 55,646 53,705 51,664
Assumptions:
- For the purposes of calculating the financial effects on all earnings
related figures, it was assumed that the repurchase of shares was carried
out on 1 May 2001.
- The financial effects are calculated assuming that the repurchase of
shares was financed by excess cash on hand, on which interest was received
at a net rate of 7% per annum, after deducting tax at a rate of 30%.
- For the purposes of calculating the financial effects on the net asset
value and net tangible asset figures, it was assumed that the repurchase of
shares was carried out on 31 October 2001.
7. JSE LISTING
The IOTA shares acquired by IOTA Investment Services will not be cancelled
nor will the JSE listing in respect of these shares be terminated.
Johannesburg
01 February 2002
Corporate adviser
IOTA Corporate
Finance (Pty) Limited
Sponsor
PricewaterhouseCoopers
Corporate Finance (Pty) Ltd
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